https://www.taxtmi.com/caselaws?id=337167 The Tribunal dismissed the Revenue's appeal and upheld the deletion of the addition of Rs. 5.20 crores under Section 68 of the Income Tax Act. The Tribunal found that the assessee had met the burden of proof by submitting necessary documents and responses to notices, and the creditworthiness of the companies issuing the shares could not be solely assessed based on cash deposits and nominal income levels. The lack of evidence showing the invested amount did not belong to the companies led to the decision to dismiss the appeal. en-us Fri, 30 Dec 2016 00:00:00 +0530 Wed, 04 Jan 2017 08:57:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337167 The Tribunal dismissed the Revenue's appeal and upheld the deletion of the addition of Rs. 5.20 crores under Section 68 of the Income Tax Act. The Tribunal found that the assessee had met the burden of proof by submitting necessary documents and responses to notices, and the creditworthiness of the companies issuing the shares could not be solely assessed based on cash deposits and nominal income levels. The lack of evidence showing the invested amount did not belong to the companies led to the decision to dismiss the appeal. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337167